Finance and Procurement
Grant in Aid
IWM receives just under half of its annual funding as grant-in-aid from the Department for Culture, Media and Sport (DCMS). The level of grant-in-aid is set currently for four years, and the terms under which grant in aid is provided to IWM is set out in the Funding Agreement. IWM reports regularly to DCMS on how it has met agreed targets and objectives.
The majority of the funding for our core activities is raised by means of charitable giving, philanthropic support, sponsorship and donations, admission charges and IWM’s commercial activities. These commercial activities are conducted through the IWM Trading Company Ltd and include retail, corporate hospitality, public catering, air shows, private tours, pleasure flying, publishing, licensing of the collections.
The procurement of all works, goods and services is based on best practice and value for money, having due regard for propriety and regularity. The responsibility for the operation of efficient and effective procurement processes lies with the Head of Procurement.